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buyer's brief

Auction Chant
understanding an auction and the auctioneer

When auctioning a lot the auctioneer is first asking for anopening bid.

"How about a $100 bid, give me 100, would you give me $50, then how about 25."

The auctioneer continues asking for an opening bid, lowering the ask price until an opening bid is made. After a bid has been made the auctioneer begins to ask for higher bids and occasionally reports the current bid.

"I'm at a $25 bid now $50 would you give me $50, how about $50 now $50; I'm at $25 now 50..." (Translation: I already have a $25 bid, who will bid $50?)

This chant continues until one of three things happens.

1) If someone bids, the auctioneer will advance the bidding.

"I'm at a $50 bid now $75 would you give me $75..."

2) The auctioneer could drop the asking price to a lower increment.

"I'm at a $50 bid now $75 would you give me $75, then how about 60, I'm at a $50 bid now 60 would you give me $60 now $60 would you give me $60..."

3) The auctioneer could declare the item sold. The auctioneer will then repeat the sale price and tell the clerk the buyer number of the high bidder on the item.

"SOLD $50 bidder number 155"

This process continues until the item is sold. Things to which you should pay attention:

Who has the bid?
If you are not sure who has the bid you should hold up your bid card and continue bidding until your maximum price has been reached or you buy the item. The auctioneer and auction staff will make sure you are not bidding against yourself.

Are there any special conditions?
Items may be sold choice, times the money, one money, choice over a certain price and times the money under that price, or Dutch Auction after a choice so listen for the terms as the auctioneer announces the lot and as bidding on the item progresses.

Auction Jargon
explanations of auction terms and methods

1) Times the money
This term is used to indicate that the bid price will be multiplied by the number of items in the current lot and that you must take all of the items. For example, if there are ten items and you bid $5, your total bid is $50. (10 items x $5 bid) = $50 total price

2) Choice
This term means if you are the high bidder you can choose whichever item or items in the lot you want. You will be charged the bid price for each of the items you choose. For example, if you bid $5 on a choice of five items and take three, you will be charged $15. (3 items chosen x $5 per item) = $15 total price

3) One money
Several items are sold together in one lot for the bid price. You are going to buy everything in the lot for the amount you bid. (bid price = total price)

4) Online bidding
We allow bidders to leave absentee bids via our website at www.purplewave.com and an employee will represent them at the live auction. We keep the bids hidden and bid against the crowd for the absentee bidder. If two or more bidders bid online, the winning bidder is required to beat the second highest bidder, therefore raising the minimum bid. Just like during the live auction, online bids can only be made if they are higher than the current bid; the current bidder is required to pay the current bid amount for the item if no one bids more at the auction.

5) Current bid
The price to which an item has been competitively bid, and for which it will be sold if no other bids are placed.

6) Maximum bid
The hidden highest bid amount to which an absentee bidder authorizes the Purple Wave to competitively bid on their behalf.

7) Absentee bid
Any bid left with or transmitted to a representative who is present at the auction by someone else not in attendance.

8) ICN (inventory control number)
A unique, four-digit number given to each lot in the auction at the time it is delivered for identification and inventory purposes.

9) Lot
Everything included in one sale at the auction. If the auctioneer says you are bidding on a desk, a chair, and a desk lamp for one bid price they are all three one lot. If the auctioneer sells the desk, then the chair, then the lamp, or he sells choice of the desk, chair, or lamp, then they each represent a separate lot.

10) Sale order or lot number
Before the auction, we determine the sale order. This lot number is how many lots into the auction the item will sell. We sell between 90 and 130 lots per hour, so you can guess number 110 will sell approximately one hour into the auction, number 220 will sell approximately two hours into the auction, etc.

11) Consigner
The person for whom we are selling the merchandise is the consigner. We represent the consigners and own very little, if any, of the merchandise we sell.

12) Consigner number
To maintain anonymity we assign a number to each individual seller so we can sort their merchandise and pay them for their items.

13) Tie bids
When the auctioneer says sold, there is no more auctioning unless a bid assistant has incorrectly led another bidder to believe they were the high bidder. In this case the auctioneer can allow only the two bidders who were involved to continue bidding.

14) 10% buyer's fee (buyer's premium)
The buyer's fee is a supplementary commission paid by the buyers. This fee is assessed to compensate for the enormous amount of labor involved in picturing and listing the merchandise on our website. We also provide other services to buyers such as acceptance of personal checks and credit cards that we would not be able to provide without the premium. Everyone who is bidding is paying the same fee and should bid accordingly. For example, if you bid $90 on an item at the auction you will be charged $99 for the item.

15) Clerk
The person who records the price, winning bidder, description, and special terms of each lot sold is the clerk.

16) Bid assistants (ringmen)
Bid assistants are the Purple Wave staff members who are out in and around the auction crowd and responsible for spotting bids, answering buyers questions, and helping buyers to know if they are the high bidder. They can also explain the next bid required. If you need any help, find a bid assistant.

17) Cashier
Cashiers in the office are responsible for registering bidders and collecting the money for purchases. The cashier doesn't watch the auction or have direct knowledge of the auction merchandise and is therefore not authorized to make any adjustments to invoices. The cashiers are just messengers so please treat them courteously. If you want to review the auction audio to confirm a sale price or announcement, you can contact an auctioneer, bid assistant, or clerk after the auction.

18) As-is
Items sold at our auctions are sold as-is. This means that no warranties are provided and no returns are accepted. By having the winning bid on an item, you acknowledge your legal obligation to pay for that item. Inspection periods are always offered before the auction and all questions about an item's condition should be addressed at that time. The only exceptions are when an item is listed with a condition score of 1 or the auctioneer specifically says that a particular lot is sold with a guarantee. This guarantee is authorized by the consigner and is only for the lot specified by the auctioneer.

Auction Etiquette
guidelines for what we consider proper behavior at our auctions

1) Any attempt to remove an item or items from the building without paying for them, whether you won the bids or not, will be considered theft and all available legal and social recourse will be exercised. This behavior includes hiding items in boxes and sabotaging items, as well as outright theft before or after the item is auctioned. Not only will you be legally reprimanded, you WILL BE PUBLICLY OSTRACIZED IF YOU ARE CAUGHT STEALING!

2) The auctioneer knows all of the available bid increments and tries to keep the bidding in increments that will most efficiently and fairly move to the sale price. It is disruptive and slows the pace of the auction when bidders attempt to drop or cut the bid increments. It may be appropriate to make an increment cut when you have genuinely reached your upper limit, but if it is not your last bid your cuts will soon be considered disrupting and will be disregarded until all other active bidders have been exhausted.

3) Vocal outbursts and spontaneous questions will not be tolerated. Bid assistants and auction staff are there to assist buyers, answer questions, and to communicate with the auctioneer and clerk. It is inconsiderate to the auctioneer and to other buyers to disrupt the auction.

4) The auctioneer, clerk, and online bid implementer are constantly responsible for concentrating and performing tasks on cue to ensure that the auction process works smoothly. Any questions, comments, or disruptions to these people during the auction will not be appreciated. As much as they like to talk to you during the rest of the week, they can't be bothered during the auction and will most likely be short and unapproachable.

5) Once the auctioneer says "sold" the item is no longer for sale. No one should be testing, inspecting, or handling the items after this time.

6) We generally do not accept bids or bid increments lower than $2.50. We are in business to sell items of value to informed bidders for a fair price. We will regroup items if they are not worth at least $2.50.

7) You are responsible for checking to ensure all your purchases are on your invoice and that you are talking the items that have the same ICN as your invoice. Clerical errors do not constitute any change in your responsibility to pay what you bid for the item on which you bid. All auctions are recorded, and the recorded price is final.

8) The winning auction bid is not an option to purchase, it is a contract to buy. All inspections and negotiations should be done before the auction. Buyers not honoring their bids will not be tolerated. Non-paying bidders will have their bidding privileges revoked and be legally required to complete the sale and pay a handling fee.

9) Bidders are required to take their entire purchase. Any items left will be considered trash and a trash and handling fee will be sent to the buyer.

10) You will be responsible for anything you break. Handle all merchandise carefully!

11) Price fixing, pooling, or any form of collusion is illegal and will not be tolerated. If you are negotiating in any way to manipulate another bidder's activity, you are breaking the law. This collusion includes asking others which items in a choice a bidder is interested in, offering to buy part of a lot before the item is sold, or using outside influence to discourage someone from bidding against you.